SWF delays investment on account of volatile global markets

Nigeria’s new $1bn sovereign wealth fund is delaying making its initial investments due to the volatility in global markets. In a first for Nigeria, the fund was launched in October to safeguard oil revenues for future generations and provide a buffer against external shocks. Though modest in global terms, it is the third biggest sovereign wealth fund in sub-Saharan Africa, after the $6.9bn Botswana and $5bn Angola funds.
The Nigeria Sovereign Investment Authority, which is in charge of the new fund, announced in May it would start investing this month. But Uche Orji, the managing director, said on Tuesday he was holding back in case of further corrections in the global share and bond markets………………………………………..Full Article: Source